Time is running fast for Greece with the recent warning from the Eurozone finance ministers advising the debt-ridden nation on Monday to not waste time and push its reforms faster.
The nation’s progress is considered slow bv the Eurozone ministers who have been closely monitoring the country ever since a bailout program was unveiled in February. The ministers have also noted that the treasury of the country could go empty in a matter of weeks if the measures are not put in place.
Eurogroup chairman Jeroen Dijsselbloem specifically noted that little has been done since the last Eurogroup in terms of talks and implementation. The ministers were also not really convinced by the latest letter that was delivered by Greek Finance Minister Yanis Varoufakis on Friday, with seven new processes. While rejecting the new steps, the chairman mentioned that though it looks like a starting point, there are not enough steps mentioned to release the bailout money provided by the Eurozone.
The trouble in the Greek paradise refused to ebb down even when last week the county requested for a €2bn increase in emergency liquidity (ELA) ceiling out of which €500m was granted by the European Central Bank.
Currently, all the decisions concerning bailout plans for the country will be coordinated by the European Commission, the European Central Bank and the International Monetary Fund, which are called as the Troika. The Eurogroup itself comprises of the finance ministers of the 19 countries which are part of the European Monetary Union.
While the country is still ridden by the debts taken for bailout, its newly-elected government came to power only with triumphant promises to the voters that it would wipe austerity measures put upon the economy by the Eurozone creditors.
The nation’s progress is considered slow bv the Eurozone ministers who have been closely monitoring the country ever since a bailout program was unveiled in February. The ministers have also noted that the treasury of the country could go empty in a matter of weeks if the measures are not put in place.
Eurogroup chairman Jeroen Dijsselbloem specifically noted that little has been done since the last Eurogroup in terms of talks and implementation. The ministers were also not really convinced by the latest letter that was delivered by Greek Finance Minister Yanis Varoufakis on Friday, with seven new processes. While rejecting the new steps, the chairman mentioned that though it looks like a starting point, there are not enough steps mentioned to release the bailout money provided by the Eurozone.
The trouble in the Greek paradise refused to ebb down even when last week the county requested for a €2bn increase in emergency liquidity (ELA) ceiling out of which €500m was granted by the European Central Bank.
Currently, all the decisions concerning bailout plans for the country will be coordinated by the European Commission, the European Central Bank and the International Monetary Fund, which are called as the Troika. The Eurogroup itself comprises of the finance ministers of the 19 countries which are part of the European Monetary Union.
While the country is still ridden by the debts taken for bailout, its newly-elected government came to power only with triumphant promises to the voters that it would wipe austerity measures put upon the economy by the Eurozone creditors.